Senate OKs use of second half of bailout funds [View All]

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Source: CNN

(CNN) -- President-elect Barack Obama won a significant political victory Thursday, just days before his inauguration, as the Senate voted to release the second half of the $700 billion bailout package.

The Senate voted 52-42 against a resolution that would have barred Obama from using the roughly $350 billion remaining in the program.

Obama wants access to the remaining funds to expand lending to consumers and small businesses, but lawmakers from both sides of the aisle have expressed opposition to releasing the funds from the unpopular rescue plan.

Obama and his team members called senators all day in advance of the vote, a transition official said.

Earlier in the day, Larry Summers, Obama's economic adviser, sent a letter to Senate Majority Leader Harry Reid, seeking to reassure senators that the incoming administration would be more responsible with the second half of the bailout funds. Summers also pledged to commit $50 billion to $100 billion to address foreclosures.

Read more: http://www.cnn.com/2009/POLITICS/01/15/obama.economy/index.html